2017-11-13T14:23:10-08:00 2016-12-31 Jones Mertsching CPAs PC 32186 Castle Ct Suite 220 Evergreen CO 80439 990 2016-01-01 846023137 PUBLIC SERVICE CREDIT UNION PUBL 3036912345 9990 PARK MEADOWS DRIVE LONE TREE CO 80124 Colleen Knoll CFO 2017-11-13 true Eric L Jones P00634170 3034809090 2016 2017-02-10 21:41:12Z Darryl T Marksberry 267973397 false false X www.pscu.org X 1938 CO Public Service Credit Union will strive to help individuals and families make better decisions and grow stronger financially. We will provide simple and relevant products and services at a consistently honest value. We will help members afford life. 9 9 642 13 1115896 -466078 0 81944780 99342039 7392191 13095978 2008662 2724277 91345633 115162294 55500 75500 0 28603448 34054757 0 0 40015862 53951021 68674810 88081278 22670823 27081016 1630945103 2056200113 1453238261 1851220327 177706842 204979786 Public Service Credit Union will strive to help individuals and families make better decisions and grow stronger financially. We will provide simple and relevant products and services at a consistently honest value. We will help members afford life. false false The Credit Union is owned by approximately 205,000 members. The Credit Union provides financial services to its members, such as consumer lending, shared branching services, deposit/transactional services, mortgage lending, commercial lending, home banking, bill payment and other financial services. false false false false false false false false true false true false false false true true false true false false false false false false false false false true false true false false false false false false true false false false true false false false false false true false false false false true 22702 0 true 642 true true true false false false false false false false false false false X 9 9 false false false false true true true true true false false false true true true true true true true false X X Public Service Credit Union 3036912345 9990 Park Meadows Drive Lone Tree CO 80124 Tim Farrell Chairman 5.00 0.00 X 0 0 0 Tom Lash Director 3.00 0.00 X 0 0 0 Scott Aaronson Treasurer 3.00 0.00 X 0 0 0 Phil Showalter Former Director 3.00 0.00 X 0 0 0 Rosalynn Feagins Director 3.00 0.00 X 0 0 0 Darrell Digs Asst Treasurer 3.00 0.00 X 0 0 0 Tim Reed Vice Chair 3.00 0.00 X 0 0 0 Josh Burchfield Asst Secretary 3.00 0.00 X 0 0 0 John Davidson Director 3.00 0.00 X 0 0 0 Gary Jones Secretary 3.00 0.00 X 0 0 0 David Pierce SVP/CIO 40.00 0.00 X 369995 0 40608 Stephen Ferrero VP 40.00 0.00 X 298912 0 24712 Carlos Vazquez VP 40.00 0.00 X 199079 0 27149 Evonna L Thorburn Former SVP/CXO 40.00 0.00 X 800624 0 0 Larry Odle CRO 40.00 0.00 X 319635 0 21550 Colleen Knoll SVP/CFO 40.00 0.00 X 416442 0 46490 Louis Lubick VP 22.00 0.00 X 161865 0 15869 Christopher Chippindale COO 40.00 0.00 X 205343 0 11591 Darryl Marksberry CEO 40.00 0.00 X 564017 0 37958 Sheila Sadrija VP Retail Deliv 40.00 0.00 X 178369 0 13563 Chad Shane Chief Lending 40.00 0.00 X 306347 0 32013 Michelle Tygart Genl Counsel/VP 40.00 0.00 X 217080 0 27225 Carole Sumption SVP of HR 40.00 0.00 X 300301 0 19193 Terri Stonebraker VP of Mortgages 40.00 0.00 X 198623 0 23463 Sarah Collins VP of Bus Svcs 40.00 0.00 X 185124 0 29790 Justin Kautz VP of Finance 40.00 0.00 X 192614 0 19001 Ryan Klassen VP Lending 40.00 0.00 X 169168 0 5320 Mark Macnicholas Controller 40.00 0.00 X 130410 0 17242 Benjamin Greiving VP Strategy 40.00 0.00 X 116307 0 22306 Joseph Greene VP Marketing 40.00 0.00 X 91315 0 4480 Laura Black Exec Admin Asst 40.00 0.00 X 443551 0 48917 Scott Kline Business Services 40.00 0.00 X 184597 0 18359 Colby Stephens Loan Originator 40.00 0.00 X 216257 0 28182 Chad Schauer Loan Originator 40.00 0.00 X 215538 0 8477 Rianon Canale Loan Originator 40.00 0.00 X 194303 0 25973 6675816 569431 24 false true false CO-OP 9692 Haven Avenue Ranco Cucmonga CA 91730 Elec svcs/call cntr 4517669 Corus Group LLC 130 Technology Parkway Norcross GA 30092 IT Software&Hardware 1731695 Info Image 141 Jefferson Drive Menlo Park CA 94025 Outsourced Postage 792037 Jack Henry & Associates Inc PO Box 609 Monett MO 65708 Host System 659624 CenturyLink Communications LLC PO Box 29040 Phoenix AZ 85038 Telecom 533835 5 0 Fees Member Service 522100 12397586 12397586 Interest Member Loans 522100 68547788 68547788 Other Operating Income 522100 3856384 3856384 Plastics Income 522100 12824581 12824581 Shared Branch Income 522100 1715700 1715700 99342039 5286078 1556946 3729132 0 0 1608381 1608381 1608381 1608381 23250675 137370328 23232416 129578687 18259 7791641 7809900 7809900 0 0 0 Insurance Income 524298 212041 212041 Non-Member ATM Fees 522100 903855 903855 1115896 115162294 100898985 1115896 13147413 75500 0 0 0 5861093 0 22032829 1295735 2884634 1980466 0 18760 0 0 0 107980 2840956 3264199 0 0 0 3750921 0 0 872792 628776 0 4512882 0 Provision for Loan Losses 14657577 Transaction Processing 8664691 Dividends & Interest -Members 6358035 Office Operations 5020201 3253251 88081278 0 0 0 16328623 13060807 118924735 256481087 0 4479756 5004813 856196 4573153 0 1219973035 1525791200 0 1376662 1705178 70730738 32948591 39347722 37782147 183073443 135088497 11219387 16235184 0 10372886 9262754 24992658 51215293 1630945103 2056200113 18017596 22994382 783340 979030 106429900 1434437325 1720817015 1453238261 1851220327 X 177706842 204979786 177706842 204979786 1630945103 2056200113 27081016 191928 X false true X true false true 2351333 5177413 4570104 2958642 true X 14765945 14765945 31104995 12360654 18744341 3755039 3397495 357544 8059511 7619133 440378 13045248 9571309 3473939 37782147 CDs 289979914 IRAs 305520892 Member Shares 333548082 Other Member Deposits 791768127 1720817015 X Part IV, Line 1b: Why is organization an agent, trustee, custodian or other intermediary for contrib The Credit Union sells first mortgage loans to others with servicing retained. The custodial escrow accounts related to these mortgage loans are included in the Credit Union's financial statements. Part IV, Line 2b: Explanation of escrow account liability The Credit Union services first mortgage loans held in its own portfolio. The custodial escrow accounts related to these mortgage loans are included in the Credit Union's financial statements, and are reported as an escrow liability. Part X : FIN48 Footnote The Credit Union is exempt, by statute, from federal and state income taxes. The Credit Union is a state-chartered credit union described in Internal Revenue Code (IRC) Section 501(c)(14). As such, the Credit Union is exempt from federal taxation of income derived from the performance of activities that are in furtherance of its exempt purposes. However, IRC Section 511 imposes a tax on the unrelated business income (as defined in Section 512) derived by state-chartered credit unions. Many states have similar laws. The specific application of Section 512 to the various activities conducted by state-chartered credit unions has been an issue for many years. During 2007, the Internal Revenue Service (IRS) issued a series of Technical Advice Memoranda (TAM) to a number of state-chartered credit unions located throughout the country. In these TAMs, the IRS ruled certain products and services to be subject to taxation as unrelated business income. In light of the TAMs, the Credit Union has assessed its activities and any potential federal or state income tax liability. Management has determined that no liability exists from federal or state taxation of activites deemed to be unrelated to its exempt purpose.FASB ASC Topic 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the consolidated financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Credit Union's tax returns to determine whether the tax positions are more likely than not to be sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense and liability in the current year. For the year ended December 31, 2016, management has determined that there are no material uncertain tax positions. true CU Foundation 1009 Grant Street Denver CO 80203 742232424 10000 0 Event Sponsorships CUDC 6377 Revere Parkway Suite 20 Centennial CO 80111 010751414 12500 0 Event Sponsorships Denver Better Business Bureau 1020 Cherokee St Denver CO 80204 840415110 501(c)(6) 28000 0 Event Sponsorships Miss Colorado 15418 W 95th Avenue Arvada CO 80007 452180325 25000 0 Sponsorship 1 3 Grantmaker's Description of How Grants are Used The Credit Union monitors the use of grant funds by attending the sponsorship event and/or observing the results in the community. X X true true X X X X true true false Carlos Vazquez VP 160023 39056 20021 7128 226228 Carole Sumption SVP of HR 224311 75990 8441 10752 319494 Chad Schauer Loan Originator 26050 189488 4325 4152 224015 Chad Shane Chief Lending 226548 79799 27741 4272 338360 Christopher Chippindale COO 164093 41250 5207 6384 216934 Colby Stephens Loan Originator 21976 194281 21798 6384 244439 Colleen Knoll SVP/CFO 301613 114829 36410 10080 462932 Darryl Marksberry CEO 564017 27878 10080 601975 David Pierce SVP/CIO 266641 103354 33480 7128 410603 Evonna L Thorburn Former SVP/CXO 800624 800624 Justin Kautz VP of Finance 156780 35834 19001 211615 Larry Odle CRO 248006 71629 11470 10080 341185 Laura Black Exec Admin Asst 67777 375774 43931 4986 492468 Louis Lubick VP 143863 18002 15869 177734 Michelle Tygart Genl Counsel/VP 182786 34294 21065 6160 244305 Rianon Canale Loan Originator 24204 170099 19281 6692 220276 Ryan Klassen VP Lending 136187 32981 5320 174488 Sarah Collins VP of Bus Svcs 149677 35447 19038 10752 214914 Scott Kline Business Services 71051 113546 18359 202956 Sheila Sadrija VP Retail Deliv 148596 29773 10622 2941 191932 Stephen Ferrero VP 227566 71346 24712 323624 Terri Stonebraker VP of Mortgages 167123 31500 19311 4152 222086 Part I, Line 1a: Relevant information in regards to selections on 1a. Spouse travel was provided to Board members. The spouse travel benefits were treated as taxable compensation if exceeded $600, and all benefits are approved through the annual budgeting process. Stephen J Ferrero Officer Home X 207500 78696 false true true Carlos Vazquez Officer Auto X 67218 65283 false true true David Pierce Officer Auto X 21263 16739 false true true Colleen Knoll Officer Home X 417000 377044 false true true Colleen Knoll Officer Auto X 44858 16682 false true true Carlos Vasquez Officer Home X 318000 272967 false true true Michelle Tygart Officer HELOC X 79000 40782 false true true Christopher Chippendale Officer Auto X 22635 20929 false true true Sarah Collins Officer Auto X 15282 15028 false true true Sarah Collins Officer Auto X 12784 10349 false true true Benjamin Greiving Officer Auto X 22860 21975 false true true Benjamin Greiving Officer Auto X 22000 13979 false true true Colleen Knoll Officer HELOC X 75000 71450 false true true Colleen Knoll Officer Auto X 32248 32248 false true true Larry Odle Officer Auto X 38772 38772 false true true Chad Shane Officer Auto X 41117 39603 false true true Terri Stonebraker Officer Auto X 35550 33445 false true true Christopher Chippendale Officer Mortgage X 308750 308750 false true true David Pierce Officer Mortgage X 458000 454972 false true true Terri Stonebraker Officer Mortgage X 264000 257060 false true true Chad Shane Officer Mortgage X 649680 641574 false true true Sarah Collins Officer Mortgage X 239400 235910 false true true Carole Sumption Officer Mortgage X 267000 262184 false true true Justin Kautz Officer Mortgage X 265000 257244 false true true Darryl Marksberry Officer Mortgage X 700000 684806 false true true Louis Lubick Officer Mortgage X 343000 304684 false true true 4573155 CUILA LLC See Schedule O 450517 Indirect Lending Fees false Centennial Lending LLC See Schedule O 49064 Loan Orig & Serv false Extensia Lending See Schedule O 109717 Loan Orig & Serv false Client Note 1 Client Note 1 - UBIT REPORTING:In May 2009, a federal court jury in Wisconsin ruled in the Community First Credit Union case that credit life and disability insurance and GAP insurance coverage made available to member-borrowers by Community First Credit Union of Appleton, Wisconsin were "substantially related" to Community First's tax exempt purpose. The court granted a tax refund to Community First based on the jury's verdict, confirming that credit insurance and GAP were not subject to the unrelated business income tax (UBIT). The IRS did not appeal the case.In November 2009, in the Bellco Credit Union case, the U.S. District Court in Colorado ruled that commissions received by Bellco Credit Union of Greenwood Village, Colorado from the sale of financial products to Bellco members, were not subject to UBIT. The court ruled that the sale of those financial products to Bellco members was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and the resulting income was exempt from UBIT.In April 2010, the court in Colorado issued its second and final decision in the Bellco Credit Union case, holding that (i) credit life and disability insurance was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and (ii) Bellco income from AD&D insurance sold to members by an independent marketing company, where Bellco was essentially limited to allowing use of its name and brand, providing member contact information, and reviewing and approving (but not creating) the marketing materials, represented passive "royalty" income exempt from UBIT. On October 19, 2010 the U.S. Department of Justice abandoned its plan to appeal the federal judge's favorable credit union rulings in the Bellco case.The decisions in these court cases are now definitive statements of the law, are not subject to further review, and provide "substantial authority" that income from the sale of credit life and disability insurance, GAP coverage, financial products sold to credit union members, and AD&D insurance sold via direct mail is exempt from UBIT. As such, for 2016, Public Service Credit Union is not reporting these income sources as subject to UBIT, but is filing a 2016 Form 990-T to report income from other insurance products and non-member ATM fees. Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder The field of membership of this Credit Union shall be: A member of the immediate family of any person who, under the provisions of this Article, is eligible for membership in the Credit Union may also be admitted to membership therein. "Immediate family" means persons related by blood, by marriage or by adoption.A member of a household who resides with a person who, under the provisions of this section, is eligible for membership in the credit union may also be admitted to membership therein. "Household" is defined as persons living in the same residence and who maintain a single economic unit. This includes any person who is a permanent member of and participates in the maintenance of the household, including family members, domestic partners, foster children, and legal guardian relationships.Membership includes employees and retirees (including the definitions above) of Excel Energy, and past and present faculty, staff, student, alumni, and retirees of the University of Colorado Health Sciences Center, and employees or members of other business (SEGs) or Associations generally in the Denver, Colorado metropolitan area. Membership also includes all persons living or working in certain communities of Colorado Springs, Arvada, Littleton, Aurora, Thornton, boundaries of Denver International Airport, Southwest Plaza Mall, Stapleton Redevelopment Area, Larimer County, and other census tracts generally in the Denver, Colorado metropolitan area. Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body The members elect the governing body by vote at the annual meeting. Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders Merger - Requires two thirds majority vote of voting members.Charter conversion - Requires two thirds majority vote of voting members.Dissolution and liquidation - Requires majorty vote of entire membership. Form 990, Part VI, Line 11b: Form 990 Review Process Management provides the required infomation to the Credit Union's independent CPA Firm for completion of the Form 990. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts The Directors complete the conflict of interest disclosure following each Annual Meeting. On an annual basis, the Board receives a presentation on Fiduciary Responsibilities/Ethics. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees Compensation for senior management was reviewed in Q1 2016. An independent executive consultant from the Harlon Group was retained to evaluate all AVP, VP, and SVP positions. Job descriptions were updated and market priced based on industry, geographic location and asset size comparable data. A compensation philosophy was developed to guide pay practices and determine how each position would be paid based on market median data, time with Public Service and career experience in the position. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Other than the Form 990, no documents are made available to the public. Form 990 - Sch L - Part II The Credit Union offers a 1% loan discount rate on consumer loans and first mortgages to all employees, and offers a 2% discount rate on first mortgage loans to select employees only. Form 990 - Sch L - Part IV The Credit Union's CEO is on the Board of Directors of CUILA, LLC and Extensia, LLC. The Credit Union's Chief Lending Officer is on the Board of Directors of Extensia, LLC. The Credit Union's CFO is on the Board of Directors of Centennial Lending. The Credit Union participates in an indirect lending program that allows a member to obtain financing of a purchased automobile at the point of purchase at the dealership. CUILA, LLC (dba CU Direct Connect) is the entity that facilitates the indirect program for participating credit unions. The fees paid to CUILA, LLC are the same fees that are paid by all participants in the program.Centennial Lending, LLC and Extensia, LLC are credit union service organizations that originate and service real estate and business loans for participating credit unions. Members Insurance Inc 9990 Park Meadows Drive Lone Tree CO 80124 841004011 Insurance Agency CO N/A C Corp 687 341110 1.00000 false false false false false false false false false false false false false false true true false false false false